Corona and Laramide Finalize Thunder Lake Transaction Corona Gold Corporation (CRG-TSX, “Corona”) and Laramide Resources Ltd. (LAMTSX, “Laramide”) are pleased to announce that they have finalized and signed an agreement pursuant to which Laramide will purchase, through its wholly-owned subsidiary, Divine Lake Exploration Corp. (“NewGoldCo”) 100% of Corona’s and Teck Cominco Limited’s (TCK.B-TSX, “Teck Cominco”) respective interests in the Thunder Lake West, Thunder Lake East and certain adjacent properties in and around Dryden, Ontario (collectively the “Properties”) as previously announced on April 3, 2007. Closing is expected on or about October 1, 2007.
Under the terms of the agreement Corona will receive from Laramide aggregate cash consideration of $15,000,000 and a 10% interest in NewGoldCo after it becomes a public company. Teck Cominco will receive cash consideration of $3,411,687 and a 2.27% interest in NewGoldCo. Laramide will also transfer to NewGoldCo Laramide’s adjacent Goliath property and certain of Laramide’s other non-uranium assets. The aggregate consideration for the Properties will be payable as follows:
Corona’s sale of its interest in the Thunder Lake Properties and its continuing investment in NewGoldCo are consistent with Corona’s stated intention to maximize the value of its existing properties and to explore new resource-based exploration and investment initiatives. Laramide’s completion of this acquisition will form the basis of the intention expressed in the Laramide announcement of April 3, 2007 to spin off its non-uranium assets to NewGoldCo. FOR FURTHER INFORMATION CONTACT: Corona Gold Corporation Laramide Resources Ltd. Murray John, President Marc Henderson, President Tel: (416) 482-8606 Tel: (416) 599-7363
FOR FURTHER INFORMATION CONTACT:
|Corona Gold Corporation
Murray John, President
Tel: (416) 482-8606
|Laramide Resources Ltd.
Marc Henderson, President
Tel: (416) 599-7363